Publicação
House prices and monetary policy
| dc.contributor.author | Brito, Paulo | |
| dc.contributor.author | Marini, Giancarlo | |
| dc.contributor.author | Piergallin, Alessandro | |
| dc.date.accessioned | 2024-03-27T11:56:30Z | |
| dc.date.available | 2024-03-27T11:56:30Z | |
| dc.date.issued | 2016 | |
| dc.description.abstract | This paper analyzes global dynamics in an overlapping generations general equilibrium model with housing-wealth effects. It demonstrates that monetary policy cannot burst rational bubbles in the housing market. Under monetary policy rules of the Taylor-type, there exist global self-fulfilling paths of house prices along a heteroclinic orbit connecting multiple equilibria. From bifurcation analysis, the orbit features a boom (bust) in house prices when monetary policy is more (less) active. The paper also proves that booms or busts cannot be ruled out by interest-rate feedback rules responding to both inflation and house prices | pt_PT |
| dc.description.version | info:eu-repo/semantics/publishedVersion | pt_PT |
| dc.identifier.citation | Brito, Paulo; Giancarlo Marin and Alessandro Piergallini .(2016). “House prices and monetary policy”, MPRA - Working Paper No. 89577. 2016 .(Search PDF in 2024). | pt_PT |
| dc.identifier.uri | http://hdl.handle.net/10400.5/30490 | |
| dc.language.iso | eng | pt_PT |
| dc.publisher | MPRA - Munich Personal RePEc Archive | pt_PT |
| dc.relation.ispartofseries | ;MPRA - Working Paper No. 89577. 2016 | |
| dc.subject | House Prices | pt_PT |
| dc.subject | Housing-Wealth Effects | pt_PT |
| dc.subject | Monetary Policy Rules | pt_PT |
| dc.subject | Equilibrium Dynamics | pt_PT |
| dc.subject | Global Determinacy | pt_PT |
| dc.subject | Heteroclinic Orbits | pt_PT |
| dc.title | House prices and monetary policy | pt_PT |
| dc.type | working paper | |
| dspace.entity.type | Publication | |
| rcaap.rights | openAccess | pt_PT |
| rcaap.type | workingPaper | pt_PT |